M&A - FIDELITY SUMMER STREET TRUST

Form Type: CORRESP

Filing Date: 2024-09-05

Corporate Action: Merger

Type: Update

Accession Number: 000022532224000308

Filing Summary: The document discusses the upcoming merger between Fidelity SAI Sustainable Future Fund and Fidelity SAI Sustainable U.S. Equity Fund, detailing the agreement and plan for reorganization. It mentions that Fidelity® SAI Sustainable Future Fund will sell portions of its securities and acquire others, with associated transaction costs borne by the respective funds prior to the closing date. There are clarifications about capital loss carryforwards and how they are reported in the financial statements. The document outlines the estimated one-time reorganization costs for Fidelity SAI Sustainable Future Fund amounting to $71,000, which includes costs related to proxy and regulatory requirements. The capitalization table will reflect adjustments for shares exchanged due to the merger, and there are confirmations regarding the non-recoverability of certain fees for the combined fund. Staff requests on various disclosures are acknowledged, with responses affirming the sufficiency of existing disclosures. The overall intent is to ensure clarity about the financial implications and preparations for the merger.

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Form Type: N-14

Filing Date: 2024-08-08

Corporate Action: Merger

Type: New

Accession Number: 000113322824007542

Filing Summary: Fidelity Summer Street Trust has filed a registration statement under Form N-14 concerning the reorganization of Fidelity® SAI Sustainable Future Fund into Fidelity® SAI Sustainable U.S. Equity Fund. The Board of Trustees has approved an Agreement and Plan of Reorganization providing for the transfer of all assets of Fidelity® SAI Sustainable Future Fund to Fidelity® SAI Sustainable U.S. Equity Fund in exchange for shares of the latter. This reorganization is set to occur on November 15, 2024, automatically granting shareholders new shares in the U.S. Equity Fund without requiring additional action or approval from them. The decision about the reorganization has been positioned as beneficial to shareholders, allowing them to maintain similar investment objectives while leveraging the larger asset base of the U.S. Equity Fund. The reorganization is also expected to qualify as a tax-free transaction for federal income tax purposes. Shareholders are informed that they can redeem their shares before the closing date if they do not wish to participate in the reorganization, although such redemptions may have tax implications.

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